The Company | Investment Highlights

A Diversified Fleet of Power Generation Assets

  • Fleet consists of a diverse group of 22 power projects totaling 1,440 MW (net ownership), all strategically located in major U.S. and Canadian power markets

  • Projects are well diversified based on electricity and steam customers, regulatory jurisdictions, and regional power pools

  • 93% of our power generation is "clean power" (21% renewable and the balance natural gas)

Demonstrated Operating Performance of Projects

  • Projects have a demonstrated track record of high availability and reliability

Stable Power Purchase Agreements (PPAs) with Strong, Diverse Utility Customers

  • Cash flows derived from the sale of electricity under long-term PPAs typically designed to pass through fuel cost fluctuations

  • Weighted-average remaining PPA term of approximately 7.0 years; managing through near-term PPA expiration and opportunistically seeking to extend PPAs prior to expiration at select projects

  • Approximately 61% of Project Adjusted EBITDA is generated by PPAs that expire beyond the next five years

  • Diversified customer base, consisting mostly of regulated electric utilities with investment-grade credit ratings from Standard & Poor's (S&P)

Strong In-House Operations and Partnerships with Experienced Operators

  • Approximately 80% of our projects are operated and maintained by our seasoned team at Atlantic Power

  • Projects not operated in house are operated and maintained through strong partnerships with recognized third-party operators in the independent power industry

Attractive Organic Growth Opportunities Around Existing Portfolio

  • Invested a total of approximately $27 million in 2013 through 2017 in projects designed to enhance value of existing projects by increasing output, reducing costs and improving efficiency

  • Expect to realize approximately $12 million of annual incremental cash flow from these investments in 2017

  • Compelling risk-adjusted returns on relatively modest capital requirements; shorter lag between investment and cash returns than typical development projects

Delivering on Balance Sheet Priorities

  • Reduced debt by approximately $1 billion since year end 2013, including the company's share of debt at equity-owned projects

  • Cash interest savings associated with this debt reduction are nearly $100 million on an annualized basis

  • Amortizing term loan structure results in additional deleveraging over time